Leading the way toward regenerative business

Tiếng Việt

Leading the way toward regenerative business

Recently, a successful forum and panel discussion on the topic of “Towards regenerative business” took place at RMIT Saigon South campus, with over 100 participants.

A diverse board of keynote speakers and panelists were invited to the event to present sustainability practices in different industries.

The World Economic Forum defines regenerative business as systems thinking to protect, restore, and replenish both human capital and natural resources. Regenerative business models include circular business models that minimise and reuse waste, use renewable raw materials, restore ecosystems, be carbon negative, reduce inequalities, and include well-being.

According to Dr Seng Kiong Kok, Interim Head of the Bachelor of Business program at RMIT University Vietnam: “Sustainability is the harmony achieved by coexisting with our ecology while maintaining our standard of living and societal values”.

Dr Seng Kiong Kok, Interim Head of the Bachelor of Business program at RMIT University Vietnam.

Focusing on sustainability in business, Ms Vo Luong Binh Nguyen, Sustainability Assistant Manager, Unilever Vietnam, shared: “Sustainability in business transcends the environment. It must also encompass our society, including our people and governance, to foster inclusivity and diversity.”

Ms Le Van Anh, La Vie Legal and Compliance Manager echoed that opinion: “When consumers purchase a product, instead of investing in the item itself, they embrace the added value that a company can offer to the community”.

She provided an example: “La Vie leads the way in the drinking water industry in Vietnam by eliminating bottle cap seals – a simple step with a significant impact, resulting in a yearly reduction of 40 tons of plastic”.

Sustainability, according to Dr Seng, is indeed a complex concept. “ESG (Environmental, Social, and Governance) represents a new attempt to quantify it, giving firms a numerical measure that accounts for environmental, social, and governance factors”.

He pointed out that: “However, the challenge lies in the multitude of ranking agencies, leading to potential inconsistencies within assessments for the same institution. Another significant challenge is the vast amount of information needed to distill this complex concept into a single number”.

(L-R): RMIT Industry Consultant Ms Ly Van Thy, Ms Vo Luong Binh Nguyen, Ms Le Van Anh, Dr Seng Kiong Kok.

Building upon Dr Seng's insights into the complexity of sustainability, Ms Nguyen shed light on how Unilever Vietnam has tackled sustainability issues: “We face unique challenges given our vast workforce. However, we've adopted an innovative approach by forming diverse task forces for specific sustainability goals like plastic reduction”.

“These teams comprise members from various departments, infusing fresh perspectives and ownership into projects. It's not just about results; it's about each member's influence in driving change and achieving our KPIs”.

Ms Van Anh also highlighted the process of building a company culture at La Vie, emphasising that it starts with small, habitual actions. “Whether it's conserving energy or reducing plastic use, our behaviours evolve into habits that define our culture. As these habits become established, we realise that environmental stewardship isn't a chore; it's an integral part of our lives.”

In the realm of sustainability, it's no longer just about financial maximisation but rather profit optimisation. Dr Seng said: “Short-term investments may indeed pose challenges. However, the hope is that in the long term, these investments will lead to increased profits driven by higher consumption, growing demand, and enhanced brand awareness”.

Additionally, it is important to consider that “finance may not be the singular objective of sustainability, and some firms are willing to take a lower profit point in pursuit of broader sustainability goals, although this remains a subject of debate”, said Dr Seng.

The “Towards regenerative business” forum and panel discussion was one of the key events of the RMIT Careers Festival 2023.

As the panel discussion was a part of the RMIT Careers Festival this year, Ms Nguyen suggested RMIT students who are passionate about sustainability in business to “stay informed and keep up with sustainability trends, policies, and current events”.

Ms Van Anh added: “While discussions around circular economy standards and recycling are ongoing, it's important to realise that these concepts are not distant ideals but are becoming increasingly relevant soon. There are significant opportunities for those who enter this market early.

“The capital market will place great importance on sustainability, and the government and industry will provide incentives and support. Graduates should understand the challenges and opportunities, adapt to new requirements, and commit to long-term sustainability in business”, said Ms Van Anh.

Dr Seng shared: “In terms of personal development and enhancing your attractiveness in the job market, maintaining an open mind is essential. Embracing diverse perspectives is one path towards acquiring valuable skills and personal growth”.

Businesses play a leading role in the innovation, recovery, and restoration needed to avoid environmental collapse. Sustainability is not a trend but a goal that every stakeholder should focus on, and collective efforts and cooperations among communities are required to achieve lasting changes.

The “Towards regenerative business” forum and panel discussion was one of the key events of the RMIT Careers Festival 2023 organised by the Careers, Alumni and Industry Relations department.

Story: June Pham

Media Release

11 October 2023